Apple May Develop Its Own Venmo-esque Cash App

Apr 28, 2017, 00:54
Apple May Develop Its Own Venmo-esque Cash App

This isn't the first time Apple thought about launching a money-transfer service.

Venmo and PayPal may soon have some serious competition, as Apple, Inc.is reportedly developing its own person-to-person payment service.

"Banks spent heavily in insuring their cards were top of wallet when they all built and rolled out Apple Pay", Cherian Abraham, a digital payments executive at Experian, told Recode. The service would likely be more deeply integrated with iOS than competing services would be and it could help to boost usage of Apple Pay, especially if Apple got that prepaid debit card that it's rumored to be in talks with Visa about. "Chase's QuickPay service processed $28 billion in transfers last year, while Venmo registered $17.6 billion in volume and is still doubling year over year". If someone sends you money using Apple Pay, you could be able to use this balance using this card. Rumor has it that Apple recently held meetings with other payment industry companies.

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Mobile payments are big business. So, say I wanted to send a buddy some money, well, Apple Pay couldn't have helped me out there.

ReCode is out with a report that Apple (NASDAQ:AAPL) is expected to push further into the Fintech space by providing a Venmo-like peer to peer money transfer service.

Apple Pay continued its strong momentum, with the number of users more than tripling over the past year, and hundreds of millions of transactions and billions of dollars in purchases in the December quarter alone. These cards would be tied to the service, giving iPhone owners a physical product as well as a digital one. Which one? Would you embrace Apple Cash? But Apple Pay adoption has underwhelmed since it launched in 2014.

More news: And the title goes to

Whether or not any of these plans come to fruition is still up in the air, but sources inside major U.S. banks tell Recode that Apple has been underwhelmed by the usage of Apple Pay over the past two and a half years.

An Apple-Visa solution along these lines would be great for college students and younger adults, for example, who may not have access to a traditional bank account but still want to have control of their finances from the convenience of their iPhones.

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